In yesterday’s challenge you worked out your yearly income for each of the 7 sources of income. Today you will take that one step further and investigate which of these you might be able to develop (further) to generate some extra income.
Did you know there are a total of 7 income streams? That is 7(!) different ways to make money, of which your job is just one… In today’s challenge you are going to find out about these seven types of income and then discover which one of these might appeal to you most to develop further and start generating some extra money.
Up until now we have made great progress in the areas of our savings, debt and reducing our spending in order to increase our cashflow on our way to financial independence by putting extra money towards a secure financial future. We are now going to move away from these areas for a little while and start with a new theme as there is another way to increase your cash flow: by increasing your income.
The vast majority of people see income as the money that they get from their job, and we have already touched upon income increases such as a bonus or pay rise in previous steps as a way to increase your money. Whilst income from a job is normally not only a very decent provider of money as well as a financially secure way to guarantee a steady and satisfactory income, it doesn’t have to be your only way of bringing in money. Continue reading “Step 32: Multiple income streams”→